Canada Life sells £2.7bn closed book to Scottish Friendly

Focusing attention on annuity market

Jenna Towler
clock • 2 min read

Canada Life UK is to sell 155,000 longstanding policies worth £2.7bn from its closed book of business to Scottish Friendly as it focuses on the annuity market.

The policies being offloaded have largely been closed to new business since 2003 and are made up of life and pensions savings policies, along with some protection policies all written in the UK, the firm said. The terms of the deal were not disclosed. Canada Life Investments will continue to manage a large portion of the transferred unit-linked assets. The company said the deal was subject to the "satisfactory completion of certain conditions including court sanction".            Canada Life acquired annuity and retirement income specialist Retirement Advantage in January this year...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Pension freedoms have delivered flexibility in the last decade 'at a cost'

Pension freedoms have delivered flexibility in the last decade 'at a cost'

Consumers value choice but are aware of risk of running out of funds

Jasmine Urquhart
clock 12 June 2025 • 2 min read
Alex Cowan-Sanluis: 'Pension transfer sludge is real – I've seen it'

Alex Cowan-Sanluis: 'Pension transfer sludge is real – I've seen it'

'It became so frustrating that we spoke to the FCA'

Alex Cowan-Sanluis
clock 09 June 2025 • 4 min read
Minister confirms second phase of Pensions Review due to launch 'shortly'

Minister confirms second phase of Pensions Review due to launch 'shortly'

Torsten Bell spells out ‘shared direction’ of pension reform

Jonathan Stapleton
clock 06 June 2025 • 2 min read